MIDLAND, MI -- Chemical Financial Corp., holding company for Chemical Bank, has completed its previously announced merger with Troy-based Talmer Bancorp Inc.
Talmer Bancorp is the holding company for Talmer Bank and Trust.
The merger was completed in a cash and stock transaction valued at approximately $1.7 billion based on Chemical's closing stock price on Wednesday, Aug. 31, according to a Chemical Financial Corp. news release.
Subsequent to the closing, Chemical and its affiliates had, as of June 30, $17.2 billion in consolidated assets, $12.7 billion in consolidated loans, and $12.7 billion in consolidated deposits, with 262 locations primarily in Michigan, Northeast Ohio and other contiguous states, the release states.
Chemical officials also announced that Gary Torgow, former chairman of Talmer Bancorp, will join the Chemical Financial Corp. board as chairman. He succeeds David B. Ramaker, who will remain a director as well as CEO and president of Chemical.
Also named to the board were: Ronald A. Klein, CEO, Origen Financial Inc.; Barbara J. Mahone, retired executive director, human resources, General Motors Corp.; David T. Provost, vice chairman of Chemical and former CEO and president, Talmer Bancorp Inc.; and Arthur A. Weiss, chairman of the board of the law firm Jaffe, Raitt, Heuer & Weiss. This expands the board to 12 directors, the release states.
"We are delighted to welcome Gary, Dave and the entire Talmer team to the Chemical family. By combining two talented banking organizations, with shared banking philosophies and strong track records of organic and acquisitive growth, into a single $17 billion, Midwest-focused institution, we can better serve our customers, communities, colleagues and shareholders going forward," Ramaker said in a statement.
Chemical officials also announced that two former Talmer executives have joined Chemical's Executive Management Leadership Committee. Dennis L. Klaeser was named executive vice president and chief financial officer, succeeding Lori A. Gwizdala, who will remain executive vice president of special projects, and Thomas C. Shafer was named executive vice president and director of regional and community banking, the release states.
Officials say Talmer Bank and Trust will continue to operate as a separate subsidiary of Chemical until its planned consolidation into Chemical Bank in the fourth quarter of this year. After that, all Talmer Bank and Trust locations will operate under the Chemical Bank name, the release states.